New IRS Form 8938 – Statement of Specified Foreign Financial Assets

Contact: Berger Singerman LLP (Florida, USA)

Certain US individual taxpayers may be required to complete new IRS information Form 8938 (Statement of Specified Foreign Financial Assets) and attach it to their 2011 US Federal income tax returns

to report their interests in certain “specified foreign financial assets.” It is important for US individual taxpayers to determine whether they are subject to this new requirement because the law imposes significant penalties for failing to comply. Click here to read entire article.